Pelatro (PELATRO) Q3 25/26 earnings summary

Executive summary

• Achieved strong year-on-year growth in Q3 FY26, with momentum expected to continue due to new customer wins and deeper engagement with existing clients.

• Now serving 46 telecom networks across 35 countries, handling 1.5 billion subscribers on the platform, with recent expansion via acquisition of Estel Technologies' software business.

• Product portfolio includes analytics, campaign management, loyalty, mobile money, voucher management, and sales/distribution solutions.

• Business model features a healthy mix of recurring, reoccurring, and one-time revenues, with recurring plus reoccurring at 77% for the nine months.

• AI/ML technologies are deeply integrated into products, with a major AI platform launch planned for March.

Financial highlights

• Nine-month revenue grew 69.13% year-on-year to INR 99.12 crores (₹9,912.75 lakhs); EBITDA up 73% to INR 22.38 crores (₹2,237.91 lakhs), with margin at 22.6%.

• Q3 FY26 revenue rose 69% year-on-year to INR 38.38 crores (₹3,838.49 lakhs); EBITDA up 119% to INR 8.57 crores.

• PAT (excluding exceptional items) for Q3 at INR 5 crores, margin of 13.1%; net profit for 9m FY26 was ₹1,199.73 lakhs (12.06% margin).

• Surpassed full-year FY25 revenue and PAT in the first nine months of FY26.

• EPS (diluted) for 9m FY26 was 13.16.

Outlook and guidance

• Management expects growth momentum to continue, driven by both new and existing customers.

• Effective tax rate expected to be around 9-10% for FY26, with minor variation in FY27 depending on revenue mix.

• EBITDA margin target of 26-30% over the next 2-3 years, driven by business nonlinearity and operational leverage.

• Recurring revenue per customer is expected to grow through module expansion and increased managed services adoption.

• The company continues to monitor the impact of new labour codes and will evaluate further effects on employee benefits liability.